BMC WEST ANNOUNCES 1991 RESULTS
BMC WEST ANNOUNCES 1991 RESULTS BOISE, Idaho, Feb. 11 /PRNewswire/ -- BMC West Corp.
(NASDAQ: BMCW), a regional distributor and retailer of building materials in the western United States, today reported results for the year-end and fourth quarter ended Dec. 28, 1991.
For the year, BMC West's sales were $218.8 million, off slightly from $223.6 million in 1990. Net income of $837,000, or 31 cents per common share, compares to $2.5 million, or $1.23 per share, in 1990. The company's performance improved in both sales and earnings for the fourth quarter ended Dec. 28, 1991. Sales increased 13 percent to $55.7 million from $49.4 million in the same 1990 period. A net loss of $143,000, or 4 cents per share, compares to the year ago quarter's net loss of $249,000, or 13 cents per share. Operating income for the fourth quarter of 1991, however, decreased to $792,000 from $1.2 million in the same period a year ago. "BMC West's performance for the year was affected by low levels of home construction during 1991 in certain markets served by the company," said Donald S. Hendrickson, president and chief executive officer. New housing permits in the overall market area served by BMC West were down an average of 15 percent in 1991. Housing starts were particularly weak along the West Coast and in California but were strong in the Intermountain states of Idaho, Colorado and Utah. "The fact that we were able to hold sales fairly steady in 1991 and increase them in the fourth quarter despite lower housing starts reflects the company's efforts to strengthen our market position," Hendrickson said. "By maintaining and, in some cases, increasing our sales effort we incurred higher selling, general and administrative expenses which lowered operating income during the year and the quarter. As a result, however, we believe that we're well positioned for a possible upturn in the housing market in 1992." Hendrickson noted that the "housing market appears to be strengthening which we expect to translate into improved performance for BMC West in 1992." BMC West distributes building materials primarily to professional contractors, as well as advanced, service-oriented consumers. The company operates 30 building materials centers in seven Western states. BMC WEST CORP. CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (Dollars in thousands except per-share data) Three Months 12 Months Ended Dec. 28: 1991 1990 1991 1990 (Unaudited) Net sales $55,716 $49,371 $218,768 $223,638 Cost of sales 44,264 38,156 172,220 176,420 Total 11,452 11,215 46,548 47,218 Selling, general and administrative expense 11,112 10,383 41,269 40,190 Other income (expense), net 452 336 1,015 1,454 Income from operations 792 1,168 6,294 8,482 Interest expense 1,179 1,430 5,342 5,850 Income (loss) before income taxes (387) (262) 952 2,632 (Provision) benefit for income taxes 244 13 (115) (128) Net income (loss) $ (143) $ (249) $ 837 $ 2,504 Net income (loss) per common and common equivalent share $ (0.04) $ (0.13) $ 0.31 $ 1.23 Weighted average number of common and common equivalent shares 3,491,779 2,010,744 2,569,385 2,015,328 -0- 2/11/92 /CONTACT: Ellis Goebel of BMC West, 208-338-1757; or Heidi A. Flannery of in.ves'com, 503-221-2087, for BMC West/ (BMCW) CO: BMC West Corp. ST: Idaho IN: REA SU: ERN
JH-LM -- SE002 -- 8634 02/11/92 08:01 EST
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|Date:||Feb 11, 1992|
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